South Korea’s new rules to protect users’ crypto assets took effect on July 19. These regulations, introduced by the country’s financial watchdog, aim to ensure safer handling of digital currencies by virtual asset service providers (VASPs). The “Virtual Asset User Protection Act” requires virtual asset service providers (VASPs) to follow new steps to keep users’…
On Thursday, people on Polymarket bet over $13 million on whether the SEC would approve Ethereum ETFs. Afterward, they debated if the approval actually took place. The U.S. Securities and Exchange Commission (SEC) has approved eight spot Ethereum ETFs, sparking a new debate about what “approved” really means. This argument was particularly intense on Polymarket,…
The US crypto industry has reached a milestone with the approval of the FIT21 Crypto Bill by the House of Representatives. This bill aligns regulations with crypto sector needs, aiming to clarify rules for digital asset trading and registration, potentially opening new opportunities for investors and the industry. In upcoming discussions, we will explore in…
The U.S. Congress recently passed a bill to reverse SEC’s Staff Accounting Bulletin No. 121, which currently mandates financial institutions to classify crypto assets as liabilities. However, President Biden has indicated he may veto the bill, underscoring his administration’s firm position on cryptocurrency regulation. The U.S. Congress has approved a bill aimed at changing SEC’s…
Senate votes to repeal anti-crypto rule SAB121, passing bill for Bitcoin custody by financial firms. U.S. Senator Elizabeth Warren opposes, citing safety concerns over digital assets held by banks. Senator Elizabeth Warren urges the Senate to reject a bill allowing financial firms to custody Bitcoin, citing safety concerns. Senator Cynthia Lummis supports the bill, emphasizing…
South Korea is tightening crypto rules, with potential life sentences for serious offenders. The new law, starting in July, targets illegal activities in the crypto market, like fraud and manipulation. The Financial Services Commission (FSC) of South Korea announced tough penalties, including jail time and hefty fines, for breaking the crypto law. Offenders could face…
Hong Kong, a global financial hub, is introducing regulations for over-the-counter (OTC) crypto trading platforms to enhance transparency and protect investors in the digital asset market. The Financial Services and the Treasury Bureau (FSTB) announced plans for a new regulatory framework in response to rising concerns over risks, including involvement in fraud cases, associated with…
Securities regulators in Canada are suggesting new rules to bring more clarity and reduce risks for public investment funds involved in crypto assets. The proposed changes aim to limit the actions that public investment funds can take with cryptocurrencies and establish specific standards for holding these digital assets. Proposed Crypto Regulations for Canadian Investment Funds…
Turkey is almost finished with its technical work on rules for digital assets, and the draft rules will be out soon, confirmed the country’s finance minister, Mehmet Şimşek. These rules will focus on digital asset exchanges and aim to safeguard investors while establishing operational standards. The minister shared this information in an interview with the…
On Wednesday, the Securities and Exchange Commission approved important applications from markets wanting to introduce these innovative products. Starting Thursday, these ETFs will be available for trading. For more than ten years, the asset management industry has been working on introducing a regular Bitcoin ETF. There’s optimism that this move will attract more investors to…
Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), has introduced stronger regulations. These measures aim to improve the rules that oversee financial activities in the country. Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), has introduced stronger regulations to protect individuals and restrict their involvement in cryptocurrency…
Taiwan is moving towards cryptocurrency regulation with a new law proposal. If this proposal becomes law, all crypto platforms in Taiwan will have to obtain permits to operate. Although the timeline for the second reading is not set, the initial reading of the draft law has passed in Taiwan’s parliament, the Legislative Yuan. Yung-Chang Chiang,…
California Governor Gavin Newsom has approved a bill that introduces regulations for the cryptocurrency industry in the state. These regulations mandate that companies in the crypto sector must acquire a license to operate. Governor Gavin Newsom of California signed a bill on Friday to regulate cryptocurrencies within the state. This bill was approved by California’s…
David Hirsch, the person in charge of making sure people follow the rules for cryptocurrencies at the SEC, has mentioned that besides Coinbase and Binance, there are other places where people are not following the rules when it comes to exchanges and DeFi. The person in charge of making sure that crypto businesses follow the…
In a significant move, European Parliament lawmakers have voted overwhelmingly in favor of a continent-wide tax-reporting rule for cryptocurrency transactions. With nearly 90% of votes supporting the measure, this decision underscores Europe’s commitment to combating fraud in the growing crypto market. During a plenary session held in Strasbourg, France, on September 13, European legislators expressed…
Leaders from the world’s 20 biggest economies are taking steps to put in place a system for tracking cryptocurrency activities globally. This framework, called the Crypto Asset Reporting Framework, is designed to ensure that crypto transactions and the people involved in them are more transparent to tax authorities. It involves sharing information between different countries,…
Grayscale’s Bitcoin Trust ($GBTC) has sent a strong letter to the SEC, questioning why there are different rules for spot Bitcoin ETPs and Bitcoin futures ETPs. They want the SEC to explain its regulations. Grayscale is urging the SEC to quickly make a decision on NYSE Arca’s Rule 19b-4 filing. They say the long wait…
Ripple said “No” to the SEC’s request to challenge a judge’s decision from July in their legal battle with the crypto company. Ripple, the cryptocurrency company, said that the SEC hasn’t given a strong enough reason for the appeals court to get involved in their ongoing legal fight. They made this argument in a new…
The IRS and Treasury have outlined proposed rules that would require brokers, exchanges, and potentially decentralized exchanges to enhance their tax reporting in the coming years. The U.S. Treasury Department has introduced proposed rules aiming to enhance tax reporting within the crypto industry. These rules would require brokers and exchanges to report specific crypto sales,…
Xiao Yi, a past Chinese government worker, has been given a life prison term for taking bribes and misusing power. Part of his wrongdoing is connected to helping Bitcoin mining. The Chinese official supposedly used his power to give money and support to Bitcoin mining companies, and he also helped them with getting electricity. Misuse…
US Senate Passes $886 Billion NDAA with Stricter Oversight on Crypto Trading On July 27, the United States Senate approved the 2024 National Defense Authorization Act (NDAA), allocating $886 billion for defense purposes. Notably, the bill includes a provision aimed at tightening oversight on institutions involved in crypto trading, particularly targeting crypto mixers and anonymity-enhancing…
US House panel’s consideration of the crypto regulatory framework bill marks a significant stride towards providing clear guidelines for crypto market players. On July 26, the US House panel approved legislation proposed by crypto advocates to establish clear regulatory rules for the country’s crypto market. The Republican-led bill received a 35-15 vote in favor, with…
Last week, the Namibian Government signed a new law to control Virtual Asset Service Providers in the country. This law allows cryptocurrency exchanges to operate, overturning the previous decision made in 2017. List Your Profile Links On CryptosHeadlines.com “Become a Supporter of CryptosHeadlines.com! Send us your name and social profile links, and we will…
Russian President Vladimir Putin signed the digital ruble bill into law on July 24, enabling the country’s central bank to issue its own Central Bank Digital Currency (CBDC). List Your Profile Links On CryptosHeadlines.com “Become a Supporter of CryptosHeadlines.com! Send us your name and social profile links, and we will add your name along with…
South Korea Implements Crypto Accounting and Disclosure Rules for Transparency and Investor Protection South Korea has recently implemented new regulations pertaining to the accounting and disclosure practices within its crypto industry. Introduced by the country’s top financial regulator, these rules aim to enhance transparency and safeguard investors following the market upheaval experienced last year. The…
South Africa introduces new cryptocurrency regulations as part of FSCA’s 2023 plan (FSCA’s 2023 Regulation) South Africa’s Financial Sector Conduct Authority (FSCA) has revealed its 2023 Regulation Plan, which sets out rules for the cryptocurrency industry. The plan covers the period from April 1, 2023, to March 31, 2026, and aims to make things clearer…
Appointment of Crypto-Critic Deals Blow to Hopes of China’s Crypto Policy Shift. Pan Gongsheng, the current deputy governor of the People’s Bank of China (PBoC), is expected to become the next governor, according to unnamed sources cited in a recent Wall Street Journal report. This appointment signals a continuation of China’s anti-crypto stance under his…
Bill introduced in September moves closer to becoming law in Parliament The Economic Crime and Corporate Transparency Bill in the UK, designed to assist law enforcement in seizing and freezing cryptocurrency used in criminal activities, moved one step closer to becoming a law. The bill was passed by the upper chamber of Parliament on Tuesday,…
South Korea Takes Initial Step Towards Digital Asset Legal Framework South Korea Takes First Step with Virtual Asset User Protection Act, Establishing Legal Framework for Virtual Assets. The recently passed legislation in South Korea, set to take effect next year, is a comprehensive compilation of 19 proposals put forth by lawmakers. This groundbreaking legislation not…
Coinbase responds to SEC lawsuit, alleges due process violation and jurisdiction overreach. In its initial legal response to the SEC’s lawsuit, Coinbase, the U.S. cryptocurrency exchange, asserted that the digital assets listed on its platform are not within the regulatory scope of the U.S. Securities and Exchange Commission (SEC). In simpler terms, Coinbase argues that…
Proposed Agreement Addresses SEC’s Motion for Restraining Order. Federal Judge Approves Temporary Agreement: SEC, Binance, and Binance.US Collaborate to Restrict Access to Customer Funds to Local Employees Amid Ongoing Lawsuit. Late on Friday, the involved parties announced an agreement aimed at restricting access to customer funds solely to Binance.US employees for the time being. Judge…
The U.S. derivatives regulator plans a June 26 meeting to discuss initiating a new review of Kalshi’s event contracts for potential approval. On June 26, the Commodity Futures Trading Commission (CFTC) will determine whether to initiate a formal 90-day review of KalshiEX’s contract, which enables users to wager on the political party that will gain…
Terraform Labs’ legal team presented the argument that UST should not be classified as a security since its primary purpose is facilitating commercial transactions, rather than serving as an investment vehicle. During a recent hearing on Terraform Labs’ motion to dismiss the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), the central question…
According to the Financial Times, Hong Kong regulator pushes HSBC and Standard Chartered to onboard Crypto Exchanges. Key Factors: HKMA urges HSBC and Standard Chartered to onboard crypto exchange clients. HKMA emphasizes streamlined due diligence for potential customers, especially for those establishing offices in Hong Kong. Banks seek to dissuade customers from participating in cryptocurrency…
Decree Grants Central Bank Authority to Regulate and Supervise Virtual Asset Service Providers, While Securities Regulator Retains Token Oversight President Luiz Inácio Lula da Silva, widely known as Lula, has signed a law that brings clarity to the roles of Brazil’s central bank and securities regulator in relation to cryptocurrencies. On June 14, President Lula…
According to the report, without a robust legal framework in place, it is likely that cryptocurrency activities will increasingly shift away from the United States and towards decentralized entities. In a research report on Thursday, JPMorgan emphasized the importance for U.S. lawmakers to develop a comprehensive regulatory framework regarding the crypto industry, particularly in light…
New Rules Make it Easier for People and Businesses to Own and Trade Digital Assets in the US Senator Cynthia Lummis Continues to Advocate for Favorable Crypto Regulations in the US, Citing Urgency due to Cryptocurrency’s Growing Popularity and Advancements. Crypto Twitter Applauds Lummis as She Expresses Dedication to Creating Rules for Easy Digital Asset…
To account for the increasing prominence of cryptocurrencies, a new measure has been introduced to impose taxes on them. As a result, profits made from selling digital assets, like cryptocurrencies, will now be subject to a 10% tax On May 28, Nigeria’s outgoing President Muhammadu Buhari signed the Finance Act, 2023 into law on his…
Coinbase contends that the existing regulations are ill-suited for digital assets. The SEC has been given a deadline of one week to clarify its position regarding Coinbase’s petition The Third Circuit Court of Appeals has summoned the U.S. Securities and Exchange Commission (SEC) to provide further clarification regarding its position on a rulemaking petition submitted…
To avoid potential conflicts with the SEC, Robinhood is contemplating the delisting of Solana, Cardano, and Polygon, as these cryptocurrencies have been classified as unregistered securities by the regulatory agency Following the recent crackdown by the U.S. Securities and Exchange Commission (SEC) on major crypto exchanges Binance and Coinbase, Robinhood, the commission-free investing platform listed…
On Monday, the Crypto and Digital Assets All Parliamentary Group finally released their highly anticipated inquiry report on cryptocurrencies. U.K. Lawmakers Urge Swift Implementation of Crypto Financial Services Regulations and Appointment of Dedicated Official for Oversight Crypto and Digital Assets All Parliamentary Group (APPG) Report Emphasizes Urgent Need for Regulation, Citing Cryptocurrency’s Enduring Presence. 53…
The proposed bill seeks to meet the demands of the industry by enabling regulated crypto firms to trade digital securities, commodities, and stablecoins on a unified platform Republican chairs of key committees in the U.S. House of Representatives have introduced draft legislation to establish oversight for the digital assets sector.The proposed bill outlines a pathway…
Patrick Njoroge, the outgoing governor of the Central Bank of Kenya (CBK), sheds light on the bank’s position on cryptocurrencies, emphasizing its cautious approach based on extensive institutional knowledge Njoroge’s comments come amid global divisions on digital currencies, reflecting his longstanding opposition and advocacy for prudence in handling volatile digital assets throughout his influential role…
A recent warning by the US consumer watchdog has raised concerns about the risks linked to payment apps, effectively highlighting Bitcoin as a secure alternative. The Consumer Financial Protection Bureau (CFPB), a reputable government agency entrusted with protecting consumer interests in the financial sector, has cautioned American citizens regarding the potential risks involved in storing…
The U.S. Commodities Agency (CFTC) has issued a recommendation calling for a reassessment of risk management requirements, emphasizing the importance of considering emerging cryptocurrencies. In light of the evolving landscape of digital assets, one commissioner highlighted the need to acknowledge the significant presence and potential impact of cryptocurrencies on risk management practices. This recommendation signals…
EU Study Recommends Treating All Crypto Assets as Securities by Default and Granting Legal Status to DeFi Organizations. Lawmakers at the European Parliament have commissioned a study suggesting that all crypto assets should be considered as securities by default. The study also recommends granting legal recognition to decentralized finance (DeFi) organizations. This marks a significant…
The US House of Representatives approved a bill to temporarily stop enforcing the debt limit. If passed, the bill would extend the deadline for the country’s debt ceiling until January 1, 2025. Five days before the Treasury’s deadline, the US House of Representatives voted decisively on Wednesday to increase the federal debt ceiling. With support…
G7 countries to hold a meeting to talk about rules for AI and discuss issues with generative AI tools like ChatGPT. Japan will lead a meeting to discuss important topics like protecting ideas, dealing with false information, and managing the use of this technology. In the annual summit statement, it was mentioned that the relevant…
The policies introduced by the city offer financial incentives to encourage companies involved in the metaverse industry to establish their operations in the area. These incentives aim to attract metaverse-related businesses and provide them with monetary benefits to support their growth and development. On May 24, the Chinese city of Zhengzhou revealed a set of…
Some of the chosen participants for Brazil’s CBDC pilot include major local banks, Visa, and Microsoft. The Central Bank of Brazil has chosen 14 institutions to take part in a pilot program for the digital real, which is the country’s central bank digital currency (CBDC). On Wednesday, a list was published by the Central Bank…